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Fitch affirms Mubadala GE Capital rating at “A”

Fitch affirms Mubadala GE Capital rating at “A”
Photo Credit: Arabianeye-Reuters

Mubasher: Fitch Ratings affirmed Mubadala GE Capital’s (MGEC) long-term issuer default rating (IDR) at 'A' and its short-term IDR at 'F1', with “Stable” outlook, according to a statement.

The rating actions follow a reorganisation of the company, involving the sale of a majority of its assets and the repayment of its rated debt. 

“On 30 September 2015 MGEC announced the expected sale of a majority of its assets to MidCap Finco Ltd. As a result, on 17 December 2015 MGEC completed the early repayment of its USD500m 3% senior unsecured notes, leaving it with no further outstanding rated debt and we do not expect any material future commercial activity or debt issuance. Fitch has therefore chosen to withdraw its ratings,” said the ratings agency

The affirmation of the ratings prior to their withdrawal reflects Fitch's view of both a strong ability and propensity on the part of MGEC's 50:50 co-owners, Mubadala Development Company PJSC (AA/Stable) and GE Capital Corporation to support MGEC during the wind-down of its operations.